Charterhouse Bank: Banking Operations Undermining the Law
Dr Viola Makin and Chijioke Oji
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Wits Business School, University of the Witwatersrand
Ethics, Banking, Finance
On 23 June 2006, the Central Bank of Kenya (CBK) announced that it had placed Charterhouse Bank (Charterhouse) under statutory management as a result of an ongoing investigation into banking operations at Charterhouse. The CBK led the investigation into Charterhouse over allegations of money laundering and tax evasion, which involved a sum of US$1.75 billion. By October 2012, the Charterhouse controversy had still not been resolved.